Notes to SEFA
Accounting Policies: Note ABasis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awards activity of Forward Housing Corporation (the Corporation) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards, (the Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the balance sheet, changes in net assets or cash flows of the Corporation.Note BSummary of Signification Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Entity has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance since the Entity is a single purpose entity that only incurs costs based on the reasonable and necessary costs for one single project.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has not elected to use the 10% de Minimis indirect cost rate as allowed under the Uniform Guidance since the Project is a single purpose entity that only incurs costs based on the reasonable and necessary costs for one single project.